Today marks the beginning of the Marissa Mayer regime at Yahoo — and the release of the company’s second-quarter financial results. Revenue fell 1% to $1.22 billion, while net income dropped 4% to $228.5 million.

While Ms. Mayer is not expected to be on the call – she tells the A.P. that she’ll be meeting with Yahoo employees and executives instead — we’re hoping executives will shed some light on their decision and the plans to turn the struggling company around. Chief Financial Officer Tim Morse will be leading the call, a Yahoo spokesperson says.

Key questions we’re hoping are answered besides more details about a turnaround:

What is the fate of Ross Levinsohn, the advertising executive and interim CEO who was passed over twice in the last year for the CEO job? Who will run the company when Ms. Mayer, who is pregnant, goes on maternity leave in October? Is the company looking at any acquisitions in the near future? We’ll also be curious to get more details on the “strategic alliance” Mr. Levinsohn forged with Facebook after the two companies resolved their patent litigation dispute.

The appointment of the 37-year-old Google veteran has brought even the biggest Yahoo haters praising the company’s choice. Venture capitalist Fred “Yahoo is Dead to Me” Wilson took to his blog yesterday to say that “it feels like a new leaf has been turned” at the company and that the Big Purple is no longer dead to him.

Revenue: $1.22 billion, down 1% and the same as in the first quarter. But it did beat analyst estimates of $1.1 billion. Display-ad revenue rose 2% to $535 million while search revenue dropped 1% to $461 million.

Earnings: $228.5 million, down 4% — this coming after a 28% climb in the first quarter. Restructuring costs weighed down the profits this time even as contributions from Asian assets continue to grow.

Yahoo decided not to make much noise about Ms. Mayer’s appointment in its 2Q release. The only mention was an unenthusiastic nod in the business-highlights section: Yahoo! named Marissa Mayer chief executive officer.

That may tell us what to expect in the 2Q call, but expect the analysts to pepper the executives with questions about her.

Ms. Mayer won’t be on the call today, but if she was Kara Swisher of All Things D has 10 questions for her. Among the questions: What products is Yahoo going to specialize in and, more importantly, what is it going to cut under your regime?

The earnings release notes a number of developments since Scott Thompson left the company in March over a false resume credential. Yahoo is in the midst of selling its share in Alibaba, which could bring the company $4 billion, according to MarketBeat. But to make money, you’ve got to spend money, and Yahoo lists $6.5 million in “deal-related” expenses partly attributable to the Alibaba sell-off.

To refresh your memory, Yahoo’s board of directors has a lot of new blood. Activist investor Daniel Loeb, the person most responsible for Thompson’s ouster, now has a seat, as do his hand-picked nominees Michael Wolf and Harry Wilson. Fred Amoroso, who replaced much maligned Roy Bostock, is now chairman.

As if becoming Yahoo CEO isn’t a big enough announcement, Ms. Mayer gave us a double whammy yesterday by announcing on Twitter — and to Fortune magazine — that she is due to have a baby in October.

If you’re interested in how Ms. Mayer — or you — can balance work and family life, check out our live chat Wednesday at 10:30 a.. ET where WSJ Careers reporter Joann Lublin and Ellen Galinsky, president of the Families and Work Institute, will take questions.

On that subject, Lisa Belkin of The Huffington Post calls Mayer “the most powerful pregnant woman in America.” She’s also the 20th female CEO of a Fortune 500 company—a record number, according to Catalyst, a nonprofit New York group that researches women’s issues. Altogether, 41 women run Fortune 1000 companies, Catalyst figures show.

CFO Tim Morse, before going through some disclaimers, notes that Mayer won’t be on today’s call, but says ”she is very mindful of the investor community and i’m sure you’ll be hearing form her very soon.

Earnings per diluted share were 18 cents for the quarter, up slightly from last year, but that includes 8 cents due to Alibaba deal costs and restructuring costs (read 2,000 layoffs initiated under Thompson)

As Morse touts the company’s partnerships and reads from his script, let’s take a look at Yahoo’s stock. It’s not budging much after hours — up about 0.6% to $15.69 after falling only 5 cents today. Its market cap stands at about $19 billion.

Wall Street seems to be uninterested in the company’s newest CEO. The first two questions from analysts are concerned with economic pressures in the U.S. and the company’s buying back of shares — neither of which Morse has much to say on.

Regarding giving any money back to shareholders, Morse says: We want to buy back as much as possible for our shareholders, and I’ll reiterate the board’s committal to give back Alibaba money to our shareholders, but we still need to decide the best way to return that money.

Morse notes, again, that big media events like the Bin Laden death and the royal wedding last April, set the bar pretty high on a year over year basis. He says engagement isn’t overly bad but it’s not where Yahoo wants to be. It’s also not a harbinger of things to come, Morse says, because “we’re all committed to improving engagement.”

Morse says that the company’s mobile revenue is up 50% — but from a pretty small base that he doesn’t specify.

As for a stock buyback, Morse says “the board is committed to returning all those proceeds to shareholders,” referring to the Alibaba sale. He says he doesn’t think we’ll need to tap into that $4 billion-plus in proceeds for organic growth.

As for 3Q guidance, Morse says Yahoo hasn’t discussed financial guidance with Mayer yet. But he says the Fed comments today were cool to the economy so that gives him a little bit of a pause. He see a $7 million adverse impact from currency exchanges. And he cites the Olympics — an “engagement driver with real revenue attached to it with big-name partners.” And he mentions spending on elections starts early here in the third quarter and goes through November.

Morse comments on the settlement with Facebook: It will be a close collaboration –expand our distribution arrangements and settle all our oustanding claims. If you look at social bar that we’re doing with Facebook – 90 million installations so far — we expect this relationship is going to be good for both companies.

Asked why Mayer was chosen and whether she’ll lead Yahoo in a more tech-centric direction, Morse says, “it remains to be seen. Marissa is a high caliber well respected leader. She knows the industry well. She has strong engineering and tech expertise. Her resume speaks for itself.”.

Morse won’t provide any details about a turnaround, but says: We’re going to have to take a little time to work through the direction. It’s safe to say we need to be really good at certain technologies, and great at content. Both of those are imperative to our success, and spending our money that most effectively drives return. Marissa brings strong tech background, but we also have strong media expertise.

Morse continues, “We’re just gonna have to take a little bit of time to work through what that means in terms of the direction. It’s safe to say we need to be really good at certain technologies and we need to be great at content. Both of those are imperative to our success. It has to be a mix of those.”

Morse says that the company’s retraining of its salesforce has resulted in higher sell through rates quarter over quarter and that the home page sales–a gauge of sales success–are also up from last year.